FBM KLCI tumbles 15.53 points ahead of 2Q GDP data

KUALA LUMPUR: The FBM KLCI closed down on Thursday with 607 counters ending in red as investors stayed on the sidelines ahead of the gross domestic product (GDP) data tomorrow.

At 5pm, the 30-stock index was down 15.53 points, or 1.06% to 1,447.98, with 24 of the FBM KLCI component stocks closing in negative territory.

The fall is the biggest since falling 1.97% on March 14. So far this week, the index fell 0.6%, heading for the biggest decline since the week ended June 30.

Market breadth was negative with decliners overtaking advancers 607 to 355 while 429 counters were unchanged. Turnover pushed up to 4.33 billion units worth RM2.6bil.

Dealers said investors sought to cash in recent gains and the lack of fresh leads kept investors at bay. In addition, they said corporate earnings announced so far offered little direction.

Bank Negara is expected to announce GDP for the second quarter tomorrow. A Bloomberg poll of economists showed a median 2Q23 GDP growth forecast of 3.6%.

Among the losers at Bursa Malaysia, Nestle tumbled 80 sen to RM131.50, Hextar Technologies slid 76 sen to RM27.68, Malaysian Pacific Industries eased 40 sen to RM27.20 and Perusahaan Sadur Timah Malaysia lost 35 sen to RM3.65.

Heineken jumped 48 sen to RM26.58, F&N added 38 sen to RM25.56, Allianz rose 12 sen to RM15.82 and Panasonic Manufacturing gained 12 sen to RM20.46.

On the forex market, the ringgit was down 0.53% against the greenback to 4.6538. The local unit declined 0.22% the Singapore dollar to 3.4185 and 0.18% against the pound sterling to 5.9175.

Asian markets buckled with MSCI’s broadest index of Asia-Pacific shares ex-Japan dropped 0.35%.

Japan’s Nikkei 225 closed 0.44% lower at 31,626.00 while South Korea’s Kospi fell 0.23% at 2,519.85.

Hong Kong’s Hang Seng index was down a negligible 0.015% at 18,326.63 while CSI300 index edged up 0.33% to 3,831.10.